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Reinsurance Group of America, Incorporated (NYSE: RGA) is a leading global life and health reinsurance company, with approximately $3.7 trillion of life reinsurance in force and assets of $97.6 billion as of December 31, 2023. Founded in 1973, RGA provides specialized solutions and expertise to help insurance companies manage risk and optimize capital. With operations in 27 countries including the United States, Canada, Europe, Asia, and Australia, RGA supports clients with a diverse range of products and services.
Business Lines: The company’s core business lines include individual life reinsurance, health reinsurance, long-term care reinsurance, group reinsurance, and financial solutions. RGA is a global leader in facultative underwriting, having processed nearly 5 million facultative cases since 1979. Additionally, RGA offers product development, risk management, e-underwriting solutions, and client training opportunities.
Recent Achievements and Partnerships: Recently, RGA announced a groundbreaking collaboration with LIBRA Insurance Partners and DigitalOwl. This partnership leverages DigitalOwl's AI technology to enhance RGA’s facultative underwriting program, significantly improving the efficiency of the life insurance case submission process. Another major milestone is a $5.8 billion reinsurance deal with Manulife Financial Corporation, marking the largest Universal Life reinsurance transaction in Canada's insurance industry.
Financial Condition: RGA remains financially robust with a substantial asset base and a significant volume of life reinsurance in force. The company’s solid financial foundation enables it to engage in large-scale transactions and forge strategic partnerships.
Global Reach and Impact: With operations spanning across continents, RGA is dedicated to making financial protection accessible globally. The company’s relentless pursuit of innovation and client-focused approach positions it as a trusted partner in the reinsurance industry.
To learn more about Reinsurance Group of America, Incorporated, visit www.rgare.com or follow RGA on LinkedIn and Facebook.
Reinsurance Group of America (RGA) has announced a US$4.1 billion coinsurance transaction with John Hancock, a Manulife subsidiary. The deal comprises $1.9 billion in long-term care (LTC) and $2.2 billion in structured settlements. RGA will coinsure a 75% quota share of both blocks, with John Hancock retaining 25%. The LTC policies match RGA's current portfolio characteristics, all issued post-2007. The transaction, funded with internal capital, is expected to close in early 2025 and become earnings accretive by 2025. RGA will continue supporting John Hancock's US permanent life business through yearly renewable term reinsurance at market terms.
Manulife has announced a $5.4 billion reinsurance agreement with RGA, including $2.4 billion of long-term care (LTC) reserves. The transaction will reduce LTC reserves by 6% and morbidity sensitivity by 7%. Combined with a previous transaction, this will result in an 18% cumulative reduction in LTC reserves. The deal, priced at close to 1.0x book value, is expected to release $0.8 billion of capital which will be returned to shareholders through buybacks. The transaction includes a 75% quota share on both ceded blocks and is expected to close in early 2025. It will result in an annual reduction of $70 million in core earnings and $50 million in net income.
Reinsurance Group of America (NYSE: RGA) has launched Aspire, a licensed third-party administrator in the UAE. Developed with CarePay, the platform aims to transform health insurance portfolio management through real-time data exchange and GDPR-compliant security standards. The solution offers enhanced efficiency in claims processes and improved sustainability for insurance companies. Aspire is available through a white-labelled digital platform or licensed third-party administrator services, facilitating optimized medical insurance administration and healthcare stakeholder connectivity.
AllianceBernstein (AB) announced its expansion in the insurance business through a partnership with Reinsurance Group of America (RGA). AB has been selected as one of the lead investors in Ruby Reinsurance Company (Ruby Re), a reinsurance sidecar vehicle sponsored by RGA focusing on the U.S. asset-intensive market. As part of the transaction, AB will manage private alternative assets for RGA's general account and appoint a member to Ruby Re's Board of Directors. This partnership marks a significant milestone in AB's goal of leadership within insurance asset management and participation in the growing asset-intensive reinsurance market.
RGA's Ruby Reinsurance Company (Ruby Re) has successfully completed its second funding round, reaching $480 million in total capital raised, approaching the upper limit of its $400-500 million target range. The second round attracted investments from AllianceBernstein L.P. (AB), EnTrust Global, and Enstar Group, complementing initial investments from Golub Capital, Hudson Structured Capital Management , and Sammons Financial Group. AB will appoint a member to Ruby Re's Board of Directors. This funding positions Ruby Re to expand its asset-intensive reinsurance capabilities and capacity.
Reinsurance Group of America (RGA) reported strong Q3 2024 results with net income of $156 million ($2.33 per diluted share), compared to $287 million ($4.29 per diluted share) in Q3 2023. Adjusted operating income reached $242 million ($3.62 per diluted share), while adjusted operating income excluding notable items hit a record $410 million ($6.13 per diluted share). The company deployed $382 million into in-force block transactions and increased Value of In-force Business Margins by $4.6 billion (13.9%) in the first nine months. Consolidated net premiums totaled $4.4 billion, up 3.2% year-over-year, with investment income increasing 14.4% due to higher rates and transaction volumes.
The International Insurance Society (IIS) has announced the finalists for the 2024 RGA Leaders of Tomorrow award, recognizing exceptional leadership potential in the insurance industry. The three finalists are:
- Annie Nhat Anh Tran (MSIG Asia): Exploring courageous leadership in emerging markets
- Beth Carter (Protective Life Insurance): Highlighting benefits of improving financial literacy
- Kyeonghwa Kim (RGA): Examining innovation opportunities for the protection gap in aging societies
The finalists will participate in a panel session at the IIS Global Insurance Forum on Nov. 18 in Miami, where the winner will be announced. This marks the 10-year anniversary of the RGA-sponsored mentorship program, which has nurtured 86 participants from 17 countries since its inception.
Reinsurance Group of America, Incorporated (NYSE:RGA) has announced its plans to release third quarter earnings on Thursday, October 31, at approximately 4:15 p.m. Eastern Time. The company will host a conference call to discuss the results on Friday, November 1, at 10 a.m. Eastern Time. Interested parties can access the call by dialing 1-844-481-2753 (412-317-0669 international) and asking to join the RGA call.
A live audio webcast of the conference call will be available on RGA's website, and a replay will be accessible for 90 days following the call. RGA, founded in 1973, is a global leader in life and health reinsurance and financial solutions, with approximately $3.8 trillion of life reinsurance in force and assets of $109.9 billion as of June 30, 2024.
The Society of Actuaries (SOA) Research Institute and Reinsurance Group of America (NYSE:RGA) have released a new study on behavioral science in life insurance. The research, titled "Searching for Simplicity: Using Behavioral Science to make Life Insurance Product Information Simple and Effective," simulated online term life insurance purchasing to test behavioral science techniques. It aims to help insurers simplify and improve the life insurance buying experience for consumers.
The study involved two experiments: one focused on improving comprehension of written messages in the sales journey, and another examining the impact of human and AI-generated videos. Each experiment collected data from 2,000 U.S.-based participants. The research provides insights on how insurers can enhance customer understanding of life insurance products and suggests directions for future research in this area.
Reinsurance Group of America (NYSE: RGA) has announced a significant $3.5 billion coinsurance transaction with American National Insurance Company. The agreement involves RGA reinsuring a diversified block of life business from American National, with approximately $3.5 billion of statutory reserves being transferred to RGA subsidiaries. The transaction closed on August 26, 2024, with an effective date of July 1, 2024.
Key points of the deal include:
- American National retains policyholder service and support
- The agreement expands RGA's relationship with American National
- It demonstrates RGA's expertise in customized reinsurance solutions
- Wells Fargo acted as RGA's exclusive financial advisor
- Clifford Chance US LLP provided legal counsel for the transaction
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